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Buy to let mortgage help

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empfun
empfun Posts: 608 Forumite
in Mortgages & endowments
Hello all!

I currently have a mortgage for my own home but can I apply for a regular homeowner's mortgage instead of buy to let mortgage for a new BTL property seeing that rates are more favourable?

Are there benefits of a BTL mortgage or is it a legal requirement?

Thanks in advance!
I know nothing

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    If you live in the property you get a normal residential deal.

    If you let out the property, you need a BTL or consent to let from your lender.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    empfun wrote: »
    Hello all!

    I currently have a mortgage for my own home but can I apply for a regular homeowner's mortgage instead of buy to let mortgage for a new BTL property seeing that rates are more favourable?

    Are there benefits of a BTL mortgage or is it a legal requirement?

    Thanks in advance!
    Having a residential mortgage and then letting the property without lender consent could give the lender grounds to repossess.

    So no, you can't.
  • VIGILANT22
    VIGILANT22 Posts: 2,516 Forumite
    So we still have inexperienced landlord's entering into the BTL market....rolls eyes........
  • phlash
    phlash Posts: 883 Forumite
    500 Posts
    empfun wrote: »
    Hello all!

    I currently have a mortgage for my own home but can I apply for a regular homeowner's mortgage instead of buy to let mortgage for a new BTL property seeing that rates are more favourable?

    Are there benefits of a BTL mortgage or is it a legal requirement?

    Thanks in advance!

    You're tag says it all! Suggest you spend a couple of weeks doing some homework. It will be quicker than posting all your queries here, and will bring up some things you wouldn't think to ask.
    I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
    That also means I cannot share in any profits from any decisions made!;)
  • empfun
    empfun Posts: 608 Forumite
    Thanks guys! We all have to start somewhere. :-)
    I know nothing
This discussion has been closed.
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